The Saudi Central Bank “SAMA” has released a public consultation on rules for regulating the business of real estate refinance companies.
The release comes in continuation of SAMA’s efforts to develop the financial sector and to keep abreast with developments of the financing industry in general, Saudi media reports said.
The reports said that supporting and enabling real estate finance entities, in particular, has led to the emergence of Real Estate Refinance Company, and to the development of the real estate sector.
SAMA said the rules aim to ensure stability and growth of the real estate secondary market and to provide better ways for real estate finance entities to finance the beneficiaries in order for them to own houses besides playing the role of mediator between the real estate finance sector and other sources of financing.
SAMA has, therefore, invited the public, specialists, and interested individuals to provide their views and observations on the rules within 30 days, adding that all views and observations will be under consideration for adopting the final version of these rules.
This draft can be reached by visiting Public Consultation Platform affiliated with the National Competitiveness Center at: https://istitlaa.ncc.gov.sa/ar/Finance/SAMA/refinance/Pages/default.aspx.